RATE Group | Bitcoin Price Analysis: BTC Holding Crucial Uptrend Support
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Bitcoin Price Analysis: BTC Holding Crucial Uptrend Support

22 Jan Bitcoin Price Analysis: BTC Holding Crucial Uptrend Support

Posted at 09:09h in Bitcoin News by

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  • Bitcoin price started a downside correction after it almost touched $9,200 against the US Dollar.
  • The price declined below $9,000, but the $8,460 area acted as a strong support.
  • There is a major bullish trend line forming with support near $8,560 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair is likely to climb higher again unless it breaks the $8,560 and $8,460 support levels.

Bitcoin price is trading nicely above key uptrend supports against the US Dollar. BTC is likely to accelerate above $9,000 as long as it is above the $8,460 support.

Bitcoin Price Analysis

In the past few days, bitcoin price remained in a strong uptrend above $8,000 and $8,500 against the US Dollar. BTC even surpassed the $9,000 level and traded to a new 2020 high at $9,195.

Recently, there was a downside correction below the $9,000 level. The price even traded below the $8,850 support area. However, the decline was protected by the $8,500 and $8,460 support levels.

Besides, the 55…

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